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Update On Trust Accounts

The Sky Blue Trust has recently received an enquiry regarding the filing of its accounts. For the benefit of our members we confirm that the Trust (a mutual society rather than a company) accounts were submitted to the FCA back in August. The FCA have acknowledged receipt. The Trust had been in discussions with the Registrar with a view to removing the audit requirement, which was contained in new Trust rules, to replace it with a less costly process of independent examination. It took time to get the right advice and paperwork sorted so that the Trust (who are and have to be cost conscious) could save their members thousands of pounds. It needed to be done properly and it was.

The filed accounts for the year ended January 2016 show the Trust had a turnover in that year of £485 and net assets of £5629. As our earlier statement made clear, in any purchase of the club Trust funds would not be used. Instead a community share scheme would be used.